Wipro’s Executive Chairman Rishad Premji cuts his salary by half

Rishad Premji: Rishad Premji, Executive Chairman of Wipro has cut his salary by roughly 50% for the financial year ending 2023. Wipro has conveyed this information while filing its reports with the Securities and Exchange Commission (SEC) of the United States.

It is mandatory for all firms working in the US to disclose their financial information to the SEC, which is the American counterpart to the SEBI.

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Premji’s 2023 compensation was $951,353, which is $8,67,669 lesser than his 2022 earnings. Last year, Rishad Premji made $1,819,022 as Executive Chairman of the Wipro Board.

What does Wipro do?

Wipro offers several products and services to its customers. Within India, it provides IT services to its enterprise customers. Think of creating the business processes of a large-size company; that’s Wipro.

Apart from providing business process support to its customers, Wipro also makes lighting products, and consumer products like face wash and skin care products. Additionally, this Bengaluru-headquartered company also makes modular furniture. Wipro’s annual revenue ending fiscal 2023 was $11 billion.

Overall, Wipro is considered more of an IT services company. In 2019, it was among the top 3 IT-enabled services companies in India.

Why did Premji cut his salary?

According to an Economic Times report, the incremental consolidated profit for the Company was in negative for fiscal 2023. Furthermore, Wipro’s gross profit as a percentage of its revenue (IT services) was down by 94 basis points. Perhaps it is because of these reasons that Rishad Premji decided to cut his compensation by half.

The same report also mentions that Wipro CEO and MD Thierry Delaporte’s annual compensation was down by 5%.

Wipro’s stock has fallen significantly in recent months. This loss is due to high acquisition costs (of other companies) as well as a weak performance in the consulting business.

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